Real estate expert Miles says high-rise living is ‘a great lifestyle’ — PHOTOS

In the halcyon days before the bottom dropped out of real estate, Las Vegas was the stairway to heaven for high-rise living. Locals and out-of-state investors put real and promised money down on luxury and near-luxury condos amid the assumption that prices would rise faster than the steel beams that would hold them up.

Reality, in the form of a national real estate crash, brought those lofty dreams back to earth, where they remained through the ensuing value plummet and the slow crawl back up to something beginning to resemble real estate normalcy.

Now, the high-rise market in Las Vegas is beginning to show life again as units sold are increasing and a renewed interest is forming in the unique offering that high-rise living in Las Vegas presents, according to Gordon Miles, president of Berkshire-Hathaway HomeServices Nevada Properties, which moved more of those high-rises than any other entity last year.

“It’s been the first year since 2011 that we’ve seen an increase in the number of units sold,” he said. “So, that’s a positive sign.”

According to an analysis by Equity Title of Nevada, there were 733 high-rise sales in 2015, compared to 636 the year prior, and the number of sales had been declining steadily since 887 changed hands in 2011. In luxury home sales, $1 million and above, the last three years have been somewhat steady, with 341 sales in 2013, 319 in 2014 and 359 last year.

It’s a somewhat different audience today than before the fall when a high percentage of buyers were investors who planned to hold for resale, Miles said.

Now interest in Las Vegas high-rise living comes increasingly more from the international crowd and people around the country who are here for lifestyle and sometimes tax reasons. It’s a second, third and sometimes fourth home for some Vegas high-rise buyers, he said, and some are trading the large ranch-style home and yard for an expansive unit well off the ground.

“It’s almost like duplicating a large mansion on a huge piece of property,” he said.

While sitting in the living room of a penthouse for sale for nearly $8 million atop the Turnberry Towers, Miles postulated that Las Vegas really is inexpensive when compared to other metro areas famous for that lifestyle.

“When you look at a place like Manhattan or Singapore, some of the places where they are $5,000 a square foot plus — that’s on the low side — where we’re around $1,200 a square foot for some of these incredible properties, it makes it look like a bargain,” Mile said. “Maybe not a bargain to everyone, but a bargain.”

It’s not just the fabulous view of the Strip and the Las Vegas Valley from multiple balconies or the top-of-the-tower game room with its own pool and elevator that makes such digs special.

As in nearly everything in real estate, It’s the location.

Residents can walk out the front door to the Strip, one of the hottest entertainment venues in the world. They can walk to a show, arranged by concierge service, or be taken there by arranged limo.

“It’s a great lifestyle,” Miles said. “As you saw downstairs, you pull up; a valet parker grabs your car and up you go. You can have food delivered; you can have anything you need brought to the unit. It makes it like basically living in a hotel except you have the luxury of your own residence.”

While international is a larger part of the audience, it’s a diverse group looking to live like this. Not everyone lives in the penthouse, of course. Smaller studios with less stunning views sell as low as $250,000, he said. And Las Vegas has high-rise living also in downtown and in more suburban areas, like One Queensridge Place, on the west side of the valley.

Those who prefer downtown might be looking for something a little hipper or younger, with a more walkable environment, while the suburban high-rises offer a quieter, slower-paced atmosphere. Privacy and security matter considerably to some of these owners, particularly celebrities who seen enough of the glitter and excitement.

“It’s a choice. It’s secure. It’s convenient,” Miles said of the suburban high-rise living. “There’s a lot of opportunity in that market. Not everyone wants to run to the Strip and party all night long.”

He doesn’t see an explosion of high-rise purchasers in Las Vegas but rather stability with perhaps a slight uptick in demand —but “after dealing with the Las Vegas marketplace for this period of time, stable is wonderful.”

Whether new high-rises are in the offing in the near future depends on multiple economic factors, particularly access to capital and how well the banking system embraces such projects, Miles said.

“There are several things on the books now, but it’s actually getting the financing and rolling them out.”

The relative strength of the U.S. dollar also is a factor when it comes to international clients such as Asians and Canadians, and the price of oil greatly affects potential buyers from the Middle East.

That doesn’t matter much for another strong client base, though — California — where the economy is relatively strong, real estate is more expensive, and it’s close, familiar and easy to get to.

“There’s nothing like a good time in Las Vegas — to get you out of LA,” Miles said.

Hal DeKeyser is the director of product development for the Las Vegas Review-Journal.

ad-high_impact_4
Life
"Jackson: The Red Rock Canyon Burro" is a children's book about Red Rock Canyon
"Jackson: The Red Rock Canyon Burro" is a children's book about Red Rock Canyon (Janna Karel Las Vegas Review-Journal)
Interfaith Amigos speak in Las Vegas
Celebrity photographer dedicates dance book to Las Vegas shooting victims
Behind the scenes with local celebrity photographer Jerry Metellus as he talks about his Dance For Vegas coffee book dedicated to the 58 victims of the October 1 shooting. (Marcus Villagran/Las Vegas Review-Journal) @marcusvillagran
Dreamsickle Kids Foundation founder Gina Glass talks awareness
Gina Glass, 35, founded Dreamsickle Kids Foundation to raise awareness for sickle cell disease in Nevada. (Jessie Bekker/Las Vegas Review-Journal)
The Meadows School founding kindergarten teacher retires after 34 years at the school
Linda Verbon, founder of the The Meadows School's kindergarten program and the first faculty member hired at the school, retired in the spring after 34 years at The Meadows. (K.M. Cannon/Las Vegas Review-Journal)
Real Estate Millions
Real Estate Millions: Top 10 Most Expensive Homes Sold In 2018
Real Estate Millions: Operation Halloween
Realtor and owner of Operation Halloween, Nicole Tomlinson, shares high-end luxury 'tricks of the trade' for Halloween decorating.
Real Estate Millions: Ascaya Pool Home
$15.5M Ascaya home has 5,900-square-foot pool.
Rat Pack-era home once housed Las Vegas entertainers
3671 Tioga Way in Paradise Palms neighborhood Listed for $650,000 Professional photographers Mark and Sarah Gascoine
Home builder Toll Brothers has plans in Summerlin
Toll Brothers purchased of 128 acres of property near Mesa Park Drive and Town Center Drive will be used for a housing development. (Michael Quine/Las Vegas Review-Journal)
Rich MacDonald estate in Henderson
Rich MacDonald estate in Henderson
Real Estate Millions: Liberace Mansion
Real Estate Millions: 4120 Mont Blanc Way, Mount Charleston
Real Estate Millions: 8 Vista Crescent Court, Ascaya, Henderson
Real Estate Millions: 11172 San Terrazo Place
Real Estate Millions takes a look at Blue Heron Real Estate.
Real Estate Millions: 1325 Villa Barolo Ave
Overlooking the second hole of the Rio Secco golf course within the community of Marquis Seven Hills is a modern masterpiece of light and architectural artistry. Designed by the award-winning Blue Heron design team, the home known as The Aurora Estate adorns the likes of the most noteworthy LED displays and lighting projects from around the world. XLED Systems founder and mastermind behind the world-renowned Freemont Street Experience, Hong Kong’s Disneyland Storybook Theater and the larger-than-life concert stages of Justin Bieber, Keith Urban and the Foo Fighters (to name a few)—brings light and magic to the hills of this private and highly desirable gated community. The combination of the 133” custom HD/LED Digital Display, 150+ interior/exterior lights and 34 indoor/outdoor surround sound speakers bring a unique ambiance and entertainment level to the home. Other spectacular bonus features include a 1,200 SQFT pool, therapy spa, wet step lounge, $100K+ full Crestron system in-sync with Amazon’s Alexa, 9 security cameras and panic room.
Real Estate Millions: One Queensridge Place
Real Estate Millions takes a look at 9103 Alta Drive #1501, Las Vegas, NV.
Underground home was built as Cold War-era hideaway
The underground house at 3970 Spencer Street is one of the valley’s most unusual homes built 26 feet underground in 1978 by Girard “Jerry” B. Henderson, who, planned to survive the end of the world there.
Real Estate Millions: 323 Mont Blanc Way
Garry Tomashowski talks about his cabin in Mount Charleston.
Famous Las Vegas underground house
Did you know there is an underground house in Las Vegas? The home was originally built as a bomb shelter in 1978, and sits 26 feet below the surface. The midcentury-style home measures about 6,000 square feet, and features two bedrooms and three bathrooms. There’s a 6-foot-deep pool, a spa, a barbecue area, and a carpeted six-hole putting green. The Underground House has lighting that emulates different times of the day. And mountain and wilderness murals depict an outdoor setting. The home is accessed from a flight of stairs that’s part of a town home.
Real Estate Millions: 36 Olympia Canyon Way
Mitch McClellan and John McDonough talk about their property in Southern Highlands.
Real Estate Millions: 20 Vintage Valley Drive, Southern Highlands
Real Estate Millions: 2315 Alta Drive
Real Estate Millions: 28 Sankaty Circle
Barbara Adcock talks about her favorite parts of her home in Anthem.
Real Estate Millions: Uri Vaknin
Real Estate Millions host Susan Kocab interviews Uri Vaknin about the renovations he made to his home and why he chose a one story building.
Real Estate Millions: MacDonald Highlands
Brad and Ann Adams talk about their home in MacDonald Highlands.
Real Estate Millions: MacDonald Highlands
Real Estate Millions: Toll Brothers
Toll Brothers Granite Heights
Home for the holidays with Pia Zadora
Singer Pia Zadora might have a swanky room named for her at Piero’s Italian Cuisine, but the place she really holds dear is her home in The Ridges of Summerlin. Her son, Jordan Kaufer, appears as Santa Claus in his mother’s show at Piero’s Italian Cuisine in downtown Las Vegas. Zadora lives with her third husband, Michael Jeffries; her 20-year-old son from her second marriage, Jordan Kaufer, and two dogs, Snowflake and Merle Singer Pia Zadora says she loves "everything Christmas," and her home in The Ridges is decked out for the holidays. The star of stage and screen welcomed Real Estate Millions into her 7,000-square-foot, five-bedroom home to talk about her Las Vegas history. Pia Zadora works in her music studio at her Summerlin home. She performs at the iconic Piero’s Italian Cuisine in downtown Las Vegas. A portrait of Pia Zadora by Andy Warhol is displayed over the living room bar. Memorabilia includes a framed photo of one of Pia Zadora's first modeling jobs, an ad for Dubonnet wine, her 1985 Grammy nomination for Best Female Rock Performance and the 1982 Golden Globe Award for Best Female New Star of the Year.
Business Insights: Rhonda Allen
Buck Wargo interviews Rhonda Allen, a fine homes specialist with Shapiro & Sher Group at BHHS, has assisted 17 players and staff and counting with about two-thirds of those involving home purchases — including some that are multimillion-dollar acquisitions — and the others that were rentals. Many home purchases were for $750,000 and above.
Real Estate Millions: 98 Sunglow Lane
Real Esate Millions: 98 Sunglow Lane
TOP NEWS
News Headlines
ad-infeed_1
ads_infeed_2
Local Spotlight
Real Estate Millions Video
Add Event
Home Front Page Footer Listing
Circular
You May Like

You May Like